HNB Assurance PLC Group posted a Profit After Tax (PAT) of LKR 1.2 Bn for FY21. The Gross Written Premium (GWP) of the Group showcased an impressive growth of 22% recording LKR 12.6 Bn. Expressing her views on the Group’s performance, Chairperson of HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), Mrs. Rose Cooray stated, “HNB Assurance PLC Group had a solid fourth quarter of fiscal 2021 and ended the year posting impressive financial results. Our strong performance during the year positioned both businesses as dynamic, agile and innovative entities and I’m extremely pleased with the continued strength and growth of HNBA and HNBGI. It is noteworthy to mention that the Life Insurance Business showcased a growth of 29% and the General Insurance Business showcased a growth of 13% recording GWP of LKR 7.1 Bn and 5.6 Bn respectively and the Net Income and Interest and Dividend Income of the Group surpassed LKR 13.7 Bn and LKR 2.5 Bn respectively. Total Assets of the Group surpassed LKR 35.9 Bn during the year”. Mrs. Cooray continued, “These results are an outcome of the Group’s well-curated business strategies and well-focused Management practices. The Group’s financial performance is proof that both companies have navigated through a dynamic and challenging environment and will continue to do so. With the solidity depicted through these numbers, the Board is confident that the Group will further consolidate its strong footing in the market during 2022”. Speaking on the financial performance of HNB Assurance PLC, Mr. Lasitha Wimalaratne, Chief Executive Officer stated, “HNBA ended 2021 delivering impressive financial results and continued its growth momentum amidst a challenging economic backdrop. In reviewing the performance of the business, HNBA recorded a GWP of LKR 7.1 Bn during FY21, depicting a growth of 29% and the PAT of HNBA for the year surpassed LKR 1 Bn, showcasing a growth of 38%. As a result of our commitment of taking care of our Policyholders and delivering superlative returns, the Life Insurance Business settled Insurance Benefits and Claims amounting to LKR 1.6 Bn during the year. Reaffirming the strong financial footing of the business, the Life Insurance Fund surpassed LKR 20 Bn during the year. HNB Assurance is well geared to improve its resilience to face the on-going market and economic challenges and to provide a distinctive experience to customers as well as other stakeholders”. Mr. Wimalaratne continued, “Taking the winning spirit of the business to new heights, HNBA produced a record breaking 164 Million Dollar Round Table (MDRT) qualifiers, including 05 Court of the Table (COT) and 02 Top of the Table (TOT) achievers in 2021. The Company received several awards and accolades during the year for its business excellence, service excellence and product excellence. Key amongst the accolades received were the Best Health Insurance Initiative of the Year Sri Lanka Award by Insurance Asia Awards, Best Bancasssurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, The National Service Sector Silver Award and Top Ten Award for Industrial Excellence at CNCI Achiever Awards 2021. Demonstrating its commitment to gender balance and equality HNBA was recognized as One of Sri Lanka’s Top 10 Women Friendly Workplaces in Sri Lanka at Women Friendly Workplaces Awards 2021. This augurs well for the Company’s open culture where everyone has an equal chance to fulfil one’s dreams and aspirations. I wish to reiterate that the business remains well-focused on what’s ahead and with agile business strategies in place, I’m confident that HNBA will continue to improve on its market share, profitability and drive towards the strategic vision set of the business”. HNB General Insurance delivered a robust performance during FY21, recording notable results during the fiscal 2021. Sharing his views on the performance of HNBGI, Mr. Sithumina Jayasundara, Chief Executive Officer stated, “HNBGI recorded a GWP of LKR 5.6 Bn depicting a growth of 13% and recording a PAT of LKR 338 Mn. These results were recorded against a number of challenges presented by the continuation of a global pandemic. During the year, the business settled Insurance Benefits and Claims amounting to over LKR 2.5 Bn fulfilling its promise to its valued customers. From a segmental perspective, the Motor Insurance segment delivered an exceptional performance followed by Fire, Engineering and Marine Segments. During FY21, the General Insurance Contract Liabilities surpassed LKR 3.7 Bn”. Mr. Jayasundara further added, “HNBGI being an innovative and leading General Insurance service provider in the market has adapted a number of strategies to identify existing gaps in the market and to provide innovate and customer centric solutions to our customer-base. Facing several challenges caused due to adverse weather conditions and COVID-19 related challenges, the business has navigated through a volatile environment to record these impressive results. It is noteworthy to mention that during the year, HNBGI claimed a number of awards including the Motor Insurance Initiative of the Year - Sri Lanka 2021 by Insurance Asia Awards and the National Bronze Award for Industrial Excellence CNCI Achiever Awards 2021. In driving towards its ambitious targets and goals, the business has crafted short and and medium-term strategies for the year and the Management of HNBGI remains well-focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference in the market”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of ‘A+’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Jun
HNB Assurance Group (HNB Assurance and HNB General Insurance) delivered an outstanding performance in the first quarter of 2025, continuing its growth momentum and building on the success achieved in the previous year. The Group reported LKR 8 billion in GWP (Gross Written Premium): a 30% increase when compared to the same period last year and paid LKR 1.7 billion in Net Insurance Benefits and Claims during the first three months of 2025.“Our focus has always been simple, grow our reach and give more value to our customers,” stated Mr. Stuart Chapman, Chairman of HNB Assurance and HNB General Insurance. “We have seen this approach really work for us, helping us stay competitive and continue the incredible growth we have maintained over the past several years. Whilst the Group’s GWP grew by an impressive 30%, the bottom line too grew by 28% to surpass the LKR 300 million mark during the period under review. Total Assets increased by LKR 5.7 billion, bringing the total assets of the group to LKR 68.1 billion. In addition, the group’s Financial Investments rose by LKR 3 billion during the period under review. This steady and consistent progress across the board indicates we are on the right track and on a good trajectory for the years to come. Commenting on the company’s Q1 performance, HNB Assurance CEO Mr. Lasitha Wimalaratne acknowledged the team's hard work and strategic focus that contributed to these positive results. “Our Life Insurance business has continued its upward momentum, posting a Gross Written Premium of LKR 4.5 billion, a 36% increase compared to the same period last year. We are also proud to have grown our New Business Premiums by 37% and to have seen a 34% increase in long-term Endowment policies, when compared to last year.” He further highlighted the growth of the Life Insurance Fund, which surpassed LKR 41 billion in Q1, increasing by over LKR 3 billion within the quarter. Looking ahead, Mr. Wimalaratne emphasized the company’s readiness for upcoming regulatory and technological advancements. “As we gear up for the implementation of SLFRS 17 and continue to roll out our digital initiatives, we are positioning ourselves to deliver even better service to our customers while unlocking new growth opportunities.”Mr. Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance, shared his thoughts on the HNBGI’s performance. “The first quarter plays a pivotal role in shaping our momentum for the year, and I’m pleased to share that we have had a strong start, where we achieved the highest growth amongst the top 10 General Insurance companies, reaching a market share of 9.1%. Our Gross Written Premium reached LKR 3.6 billion, reflecting a 23% increase against an industry growth of 2% when compared to the same period last year. While the industry showed a degrowth in the non-motor segment, we delivered a remarkable 43% upthrust, reaching LKR 2.3 billion. On the financial front, we are pleased to report that our total assets have grown to LKR 11.9 billion, a clear reflection of our sustained financial stability and prudent management. During the same period, we paid over LKR 950 million in claims, standing by our customers when they need us the most. Despite the challenging external environment, we also recorded a 12% increase in profits, an encouraging sign that our strategies are delivering results. Looking ahead, now that vehicle imports are allowed, we see new opportunities for growth in the motor segment as well and with the progress we have made so far in other segments, we are confident that there's a lot to look forward to in the future.”
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May
HNB Assurance PLC (HNBA) has once again reaffirmed its industry leadership in Bancassurance by securing the title of "Best Life Bancassurance Provider in Sri Lanka" for the fifth consecutive year, awarded by the prestigious Global Banking and Finance Review – UK. Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance, expressed his thoughts on this milestone, stating, “Being named the Best Life Bancassurance Provider in Sri Lanka for the fifth year in a row is not just an honor, it is a reflection of the enduring partnerships we have built especially with our parent company Hatton National Bank along with the passion of our teams. This accolade speaks volumes of our consistent efforts to elevate standards in bancassurance. Our teams continue to innovate, collaborate and break boundaries to deliver meaningful solutions to our customers. I’d like to extend my sincere thanks to the management of Hatton National Bank and our other partners for their continued guidance and support.”Highlighting the pivotal role of the Partnership Channel, Mr. Wimalaratne further added,“As we accelerate towards our goal of capturing a 10% market share, the Partnership Channel remains central to our growth strategy. Congratulations to the teams involved, I am immensely proud of what we have accomplished and am excited about the journey ahead.”Mr. Supun Dias, Senior Vice President - Network Management at Hatton National Bank, congratulated the team at HNBA, stating, “To witness HNBA win this prestigious title for five consecutive years is truly inspiring. It is a testament to the strength and synergy of our long-standing partnership. As a Group, we are committed to driving innovation and delivering superior value to our clients. Congratulations to HNBA and everyone involved in achieving this exceptional feat.”Also sharing his thoughts, Mr. Sanesh Fernando, Chief Business Officer – Partnerships at HNB Assurance, remarked, “This milestone is the direct result of the dedication our teams and tireless efforts they have made to deliver value to our policyholders. The Partnerships team at HNBA, together with our banking partners, especially Hatton National Bank, have been instrumental in shaping this success story. I’d like to extend my sincere appreciation to the HNB Branch Management, HNB Bank Network Management along our valued customers for their trust placed on us. This fifth win reinforces our drive to deliver excellence and as we move forward we will continue to strive to reach even greater heights.
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May
Strengthening its footprint across Sri Lanka, HNB Assurance PLC officially opened its newest branch in Jaffna, located at No. 521, Point Pedro Road, Nallur. With this addition, the company now operates 11 branches in the North emphasizing the company’s ongoing efforts to bring its life insurance solutions closer to communities in the Northern Province, making protection and financial planning more accessible than ever before. The new Jaffna branch will serve as a hub for customers in the region, delivering personalized insurance services with the hallmark trust, care and professionalism the company is known for.Speaking at the branch opening, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “We are indeed excited to further strengthen our footprint in the Northern Province with the opening of this new branch in Jaffna. With multiple touchpoints already established in the region, our growing presence allows us to better serve the evolving needs of our customers and create even closer relationships with the communities we operate in. We remain dedicated to being a trusted partner in their journey towards a more secure and resilient future.”Sharing similar sentiments, Mr. Harindra Ramasinghe, Chief Business Officer – Advisor Distribution Channel of HNB Assurance PLC, commented, “With the opening of our newest branch in Jaffna, we now operate over 70 physical branches across the island and with this new branch opening we have reaffirmed our belief in the strategic importance of the Northern Province to our growth journey. We have always recognized Jaffna as a key region with immense potential and we are proud to strengthen our connection with its people. My sincere thanks to the Distribution Management team and all the other support teams for their efforts in helping us open this branch.”The newly inaugurated Jaffna branch is now open to serve customers from Monday to Friday, offering expert guidance and tailored life insurance solutions to meet diverse needs.
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